Bullion Dealers Face Sudden Shortage As Reddit-Raiders Take Aim At Silver

Source: https://www.zerohedge.com/markets/reddit-preparing-unleash-worlds-biggest-short-squeeze-silver
Published: Jan 31, 2021
Author: Zerohedge
Post Date: 2021-01-31 12:19:29 by Pinguinite
Views: 1513

It would appear the run on silver has begun. With the market closed, traders have rushed to secure some exposure to silver ahead of what WSB suggests could be "the world's biggest short squeeze" and that has left bullion dealers

As we noted below, the premium for physical silver had soared late Friday and into Saturday (after the massive flows into SLV), but as Sunday rolled around, bullion dealers are now facing massive shortages of physical coins.

And as one investor noted, the shortages are widespread...

We can only imagine where SLV will open after this.

* * *

While all eyes have been focused on GameStop and a handful of other heavily-shorted stocks as they exploded higher under continuous fire from WallStreetBets traders igniting a short-squeeze coinciding with a gamma-squeeze, the last few days saw another asset suddenly get in the crosshairs of the 'Reddit-Raiders' - Silver.

On Thursday, we asked "Is The Reddit Rebellion About To Descend On The Precious Metals Market?" ... One WallStreetBets user (jjalj30) posted the following last night:

(Too many images... see on source site)

Click for Full Text!

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#1: ghostdogtxn    To: Pinguinite (#0)

ghostdogtxn posted on 2021-01-31 18:49:16   Reply   Private Reply

#2: StraitGate    To: Pinguinite (#0)

Silver spot price spiked up to $30.00/oz tonight on the Asian market, but it's back down to $27.75 now and still dropping.

The US open might be interesting, from what I'm reading at the Kitco forum.

StraitGate posted on 2021-01-31 20:15:37   Reply   Private Reply

#3: Lod    To: Pinguinite (#0)

...bullion dealers are now facing massive shortages of physical coins.

That's why I use www.texmetals.com/ ~ they don't sell what they don't have in stock.

Lod posted on 2021-01-31 20:44:26   Reply   Private Reply

#4: Pinguinite    To: StraitGate (#2)

Silver spot price spiked up to $30.00/oz tonight on the Asian market, but it's back down to $27.75 now and still dropping.

Brokerage I'm watching only has a high of $29 for this evening, since market open. Latest action shows me good support in the mid 28 level.

Pinguinite posted on 2021-01-31 21:44:07   Reply   Private Reply

#5: StraitGate    To: Pinguinite (#4)

Kitco's Live Silver Price page shows an Asian market High/Low of 30.15/26.98. That 30.15 spike must have been brief (or nonexistent) because it doesn't show on the chart. Chart shows a high of about 29.12 as best I can resolve.

Tomorrow should be interesting! I've been kicking myself for years for not selling in 2011 at 48.50.

StraitGate posted on 2021-01-31 21:56:43   Reply   Private Reply

#6: Pinguinite    To: StraitGate (#5)

Most of my dough is tied up in crypto, but I put some money into a brokerage today to long some silver with some leverage. Won't buy me a house even in a best case scenario, but would pay for a vacation or two if silver blasts off. I've done my patriotic duty for the day.

Pinguinite posted on 2021-01-31 22:12:55   Reply   Private Reply

#7: StraitGate    To: Pinguinite (#6)

Most of my dough is tied up in children. But I have no regrets or complaints!

StraitGate posted on 2021-01-31 22:48:33   Reply   Private Reply